Galway companies and businesses are being urged to apply for the Government’s MicroFinance Loan Fund which came into operation this week.
The loan fund has been designed to provide financial aid to businesses and sole traders who employ up to 10 people and have been refused bank loans of up to €25,000.
It is hoped that over a 10 year period, €90m will be made available to more than 5,500 micro-enterprises, with the creation of an expected 7,700 jobs. In the first five years the scheme will initially facilitate €40 million in additional lending.
Labour Galway West TD Derek Nolan is urging companies in Galway to apply for the fund.
“This scheme will ensure a much wider range of businesses who are refused credit by the banks have access to microfinance lending,” he said. “The ability of small businesses to succeed and grow underpins our future potential for jobs, growth and prosperity. The Microenterprise Loan Fund Scheme is an important component.”
Further details on the scheme can be found at County and City Enterprise Boards or at www.enterpriseboards.ie